CUSIP 906351AP6
- ISIN: US906351AP61
- Entity Name: Union County Improvement Authority
- Sector: Municipal Agency
- Announcement Date: 19-Oct-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 15-Oct-2025
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Unscheduled Draw
- News: On October 15, 2016, the County of Union, New Jersey (the County) paid a portion of the principal and interest due on the Union County Improvement Authoritys $15,190,000 County of Union Guaranteed Renewable Energy Program Lease Revenue Bonds, Series 2011 (Federally Taxable) (the Renewable Energy Bonds) pursuant to the County Guaranty Agreement dated as of May 1, 2011, (the County Guaranty) between the County and the Union County Improvement Authority (the Authority). The County had appropriated sufficient monies in the 2016 budget to make such payment under the County Guaranty, and paid the amount necessary pursuant to the County Guaranty such that the bondholders of the Renewable Energy Bonds received full payment of the principal of, and interest due on, the Renewable Energy Bonds on October 15, 2016. Pursuant to the Continuing Disclosure Agreements executed in connection with the issuance of the Renewable Energy Bonds and applicable federal securities laws referenced therein including Rule 15c2-12, as amended (Rule 15c2-12), promulgated by the Securities and Exchange Commission, the Authority has determined to file this Material Event Notice. ___________ For a brief history of the events leading to the payment of a portion of the debt service due and payable on the Renewable Energy Bonds through the County Guaranty please see the Material Event Filing dated October 19, 2015 under the CUSIPs referenced herein. ____________ The County appropriated in the 2016 budget sufficient monies to pay the entire $1,255,021.00 principal and interest payment on the Renewable Energy Bonds that was due on October 15, 2016. Pursuant to the County Guaranty, the County paid an amount of $946,723.32 that, together with $168,200.48 of available monies on deposit in the Debt Service Fund and $140,097.20 of available monies on deposit in the Revenue Fund of the Bond Resolution, was sufficient to pay the principal of, and interest due on, the Renewable Energy Bonds on October 15, 2016. After payment of the principal of and interest due on the Renewable Energy Bonds on October 15, 2016, the Trustee will have on deposit in the various accounts under the General Bond Resolution sufficient funds to pay the interest due on the Renewable Energy Bonds on April 15, 2017. However, regardless of the availability of such funds, the County intends to appropriate sufficient monies in the 2017 budget to pay for all debt service due on the Renewable Energy Bonds in 2017 THE RENEWABLE ENERGY BONDS ARE NOT IN DEFAULT, AND THE PRINCIPAL AMOUNT OF THE RENEWABLE ENERGY BONDS HAS NOT BEEN ACCELERATED. Accordingly, the debt service payment schedule for the Renewable Energy Bonds upon original issuance remains in effect.
- Description: Municipal Name: Union County Improvement Authority CUSIP: 906351AP6 Union County Improvement Authority announced today that it has drawn USD 15,190,000 to make a Debt Service payment in order to pay a portion of the principal and interest for the Series 2011 Bonds on October 15, 2016.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US906351AP61
